Setting an example for a host of U.S. airlines that have opted for bankruptcy to fend off high fuel prices and ravaging competition, Delta Air Lines Inc. said it has achieved about 70% of the financial goals in its Chapter 11 recovery plan. It expects to emerge from bankruptcy a little over a year from now.
Desperate to keep current employees from jumping ship, futures broker Refco got the green light from a bankruptcy court judge to pay $1.4 million in retention bonuses to 32 employees.
The largest airline in Latin America, which has been operating under bankruptcy protection since last year, will present its creditors with a plan to swap credits for holdings in a fund that will assume control over the troubled company.
Deutsche Bank AG agreed Thursday to pay $147.5 million to settle charges it participated in complex securities fraud that bankrupted a brokerage firm in September 2001.
Igniting the anger of its flight attendants union, bankrupt Northwest Airlines Corp. has proposed to replace a large number of American flight attendants with workers from Asian countries, in a bid to slash labor costs by $1.4 billion and ward off major downsizing, layoffs, and liquidation.
In a blow to Delphi Corporation shareholders, a federal bankruptcy judge has rejected a request, spearheaded by a group of pension funds, to question former executives of the auto parts giant about allegations of accounting fraud in the company’s upcoming bankruptcy trial.
The bankruptcy proceedings for futures broker Refco Inc. have been anything but smooth, plagued by conflicts between the company, its creditors, its board of directors and the U.S. Trustee in charge of the case.
Bankrupt Stelco Inc.’s proposed restructuring plan has been put on hold until January 20 or later, after the judge overseeing the two-year-old proceedings asked that the company prove the feasibility of the plan.
United Airlines Corp. has cleared a major hurdle in its march toward emerging from bankruptcy, after the union representing its 17,000 flight attendants agreed to a reduced pension plan on Wednesday.
Shareholders of grocery store chain Winn-Dixie will no longer have a say in the struggling company’s bankruptcy proceedings after a judge disbanded the equity committee in Winn-Dixie’s Chapter 11 case.
Northwest Airlines Inc. has reached a tentative agreement with the union representing its machinists and aerospace workers, but has pushed ahead with efforts to nullify the collective bargaining agreement between the carrier and its remaining employees.
Less than a week after bankrupt United Airlines settled a dispute with its unsecured creditors committee over details in its reorganization plan, the airline faces persistent objections over issues it did not resolve with its flights attendants union.
After being mired in a billion dollar accounting fraud scandal that forced it into Chapter 11 bankruptcy protection, Adelphia Communications is putting the finishing touches on a reemergence plan that includes the sale of most of its assets to competitors Time Warner and Comcast.
A bankrupt telecom company has come under fire from the U.S. Securities and Exchange Commission over its proposed liquidation plan, which regulators see as a time bomb for setting off a stock manipulation scheme.
The financial troubles consuming the airline industry are not confined to the U.S. Brazilian airline Viacao Aerea Rio-Grandense SA, which has been operating under bankruptcy protection since June, has paid $56 million to avoid surrendering half of its planes.
A now-defunct Kentucky college that owes over $3 million in loans taken out by its former chief executive should not be liquidated, according to a Kentucky bank, because the sale of all the school’s assets would still not be enough to pay back the borrowed money.
The judge overseeing bankruptcy proceedings for Delta Air Lines Inc. has been permanently replaced after initially taking a two-month medical leave. Representatives of the number-three carrier, as well as the court, say the development would not delay the case.
In a calculated move, pilots for embattled Northwest Airlines Corp. agreed to freeze their pensions this week rather than wait for a federal bailout that could ultimately result in lower payouts.
Bankrupt United Airlines Corp. and its unsecured creditors committee have settled their dispute over the company’s reorganization plan, which has been attacked by both a flight attendants union and a retired pilots union one week before the bankruptcy hearing was scheduled to begin.
Jurors in the upcoming trial of Enron executives Ken Lay and Jeffrey Skilling will hear only limited testimony about the company's role in the California energy crisis of 2001, and lurid tales of pornography use and extramarital affairs won't be admissible at all, a federal judge ruled Thursday.